Any insurance you buy is a personal risk-reward analysis. Any time you choose not to insure something, you’re taking on some amount of risk. Insurance eliminates, or vastly reduces, that risk. Life insurance provides peace of mind, in that it mitigates the loss in income to your family if you were to pass on. Health insurance mitigates the possibility of high healthcare costs, especially for complex procedures. Automobile, homeowners, and renter’s insurance all insure your property against unknown disaster. Long term disability insurance is another option.

Long term disability is another risk you can insure against. If it is something that you can afford, the knowledge that you are mitigating the potential risks and ensuring that you and your family will be secure if something ever occurred. It can be a valuable resource in protecting both your finances and your mental well-being if anything should happen that requires long term disability insurance.

Long-term disability payments don’t replace your salary in the event of something happening. They provide income protection in the event that an illness or accident prevents you from working for a period of time, in other words: a financial buffer that is usually around 60% of your salary.

Questions To Ask When Considering Long Term Disability Insurance

A question to ask yourself if you are debating whether or not to get long-term disability insurance is: “Could I afford the consequences of not having long-term disability insurance?” Examining your finances may show that you will be okay for the short-term if something were to happen, but beyond that, it may be wise to explore the option of long-term disability insurance.

Another thing to ask is “Does my employer provide long-term disability insurance?” If you are self-employed, or are not covered under your partner’s benefits, it may be beneficial to look at long-term disability insurance for yourself or your loved ones. If you are employed at a company and subsequently receive benefits, you may need to purchase additional benefits to cover long-term disability. Worker’s compensation replaces lost income if an illness or injury occurs on the job, but these cases are only a small percentage of disability cases. The majority of long-term disability claims are for illnesses, not accidents.

While having such insurance doesn’t guarantee that the insurance company will pay you in the event that you are unable to work, if you don’t have such insurance, you will not be able to recover disability benefits from a disability insurance company.

Exploring your options with long term disability insurance can provide you with the peace of mind that you will be able to handle any extenuating circumstance that arises. There are a number of options for long-term disability insurance plans, including timing, levels of coverage, and specifics on how that coverage is delivered. They have a plan for every price point, which can put you at ease if your current employment, health status, or financial situation causes you to worry.

Has your disability claim been denied? Contact Share Lawyers and put our experience to work for you. We offer free consultations and there are no fees unless we win your case. We have recently settled cases against The Co-operators, Sun Life, Manulife, Unum Canada and RBC Insurance.